Donald Trump Reiterates Tariff, Tax Threat On Foreign Countries In Inaugural Address
Date
1/20/2025 3:19:41 PM
(MENAFN- Live Mint) Shortly after taking oath as the 47th President of the United States, Donald trump vowed tariffs and taxes on other countries to aid Americans. In his inaugural address after taking oath, Donald Trump said tariffs and taxes on other countries will revamp US trade and enrich Americans.
Donald Trump said,“I will immediately begin the overhaul of our trade system to protect American workers and families.”
"Instead of taxing our citizens to enrich other countries, we will tariff and tax foreign countries to enrich our citizens,” Donald Trump said, adding,“For this purpose, we are establishing the External Revenue Service to collect all tariffs, duties and revenues.”
Before his White House return after winning the US Presidential elections, Donald Trump had vowed to impose 25 per cent tariffs on Canadian and Mexican imports, and an additional 10 per cent on Chinese goods, if they fail to check on illegal immigration and the flow of fentanyl – synthetic opioid drug – into the United States.
Donald Trump declared that the tariff will remain in effect until drugs and“illegal aliens” stop coming into the US.
In his inaugural speech at the US Capitol, Donald Trump reiterated his plan to set up an“External Revenue Service” to collect tariffs, duties and revenues. Also Read | Donald Trump's Day 1 agenda: Deportations of 'illegal aliens', 25% tariff on Canada and Mexico, 98 more
“We are establishing the external revenue service to collect all tariffs, duties and revenues. It will be massive amounts of money pouring into our treasury, coming from foreign source,” Donald Trump announced.
An official from the Donald Trump administration has, however, said that the US President will issue a broad trade memorandum on Monday, January 20. While the tariffs would not immediately be imposed on foreign countries, the Trump administration may direct federal agencies to review trade relationships with Canada, Mexico and China.
(With agency inputs)
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